EUR/USD edges lower, while GBP/USD little changed and USD/JPY holds steady
There is little movement across FX markets, with attention focused on tomorrow’s US CPI reading.
EUR/USD struggles around $1.10
EUR/USD continues to make heavy weather of any upside, unable to push firmly on and hold above $1.10.
However, the bounce remains firmly intact, and would need a move back below $1.09 and below trendline support from September to suggest that a fresh short-term pullback was in play. This might then result in a move to the 50- or 100-day simple moving averages (SMAs).
Bulls need to see a move above $1.103 to suggest that a fresh break to the upside has begun.
GBP/USD at new 2023 highs
GBP/USD price has been able to move on above the $1.241 highs from December, putting new strength into the bullish view.
Additional upside now targets the June 2022 high at $1.2267, while above this $1.30 looms into view, an area that was support back in March 2022.
A reversal at the June 2022 highs might bring $1.24 back into view as support, but even then the broader uptrend is still in place.
USD/JPY steady in early trading
USD/JPY rebounded back above the 50-day SMA after a brief trip below it, the price now targets ¥138.00 once more. This would also see it challenge the 200-day SMA.
A break above here then targets ¥139.00, and then a move above ¥140.00 would help to reinforce the view that a fresh bullish move is in play in the medium term.
Sellers will need to see a drop back below the 100-day SMA and below trendline support from the January low to suggest that the bearish view prevails once again.
This information has been prepared by IG, a trading name of IG Markets Limited. In addition to the disclaimer below, the material on this page does not contain a record of our trading prices, or an offer of, or solicitation for, a transaction in any financial instrument. IG accepts no responsibility for any use that may be made of these comments and for any consequences that result. No representation or warranty is given as to the accuracy or completeness of this information. Consequently any person acting on it does so entirely at their own risk. Any research provided does not have regard to the specific investment objectives, financial situation and needs of any specific person who may receive it. It has not been prepared in accordance with legal requirements designed to promote the independence of investment research and as such is considered to be a marketing communication. Although we are not specifically constrained from dealing ahead of our recommendations we do not seek to take advantage of them before they are provided to our clients. See full non-independent research disclaimer and quarterly summary.
Start trading forex today
Find opportunity on the world’s most-traded – and most-volatile – financial market.
- Trade spreads from just 0.6 points on EUR/USD
- Analyse with clear, fast charts
- Speculate wherever you are with our intuitive mobile apps
See an FX opportunity?
Try a risk-free trade in your demo account, and see whether you’re onto something.
- Log in to your demo
- Take your position
- See whether your hunch pays off
See an FX opportunity?
Don’t miss your chance – upgrade to a live account to take advantage.
- Get spreads from just 0.6 points on popular pairs
- Analyse and deal seamlessly on fast, intuitive charts
- See and react to breaking news in-platform
See an FX opportunity?
Don’t miss your chance. Log in to take your position.
Live prices on most popular markets
- Equities
- Indices
- Forex
- Commodities
Prices above are subject to our website terms and agreements. Prices are indicative only. All share prices are delayed by at least 15 minutes.
Prices above are subject to our website terms and agreements. Prices are indicative only. All shares prices are delayed by at least 15 mins.
